2020 Q3 Form 10-Q Financial Statement
#000114036120025363 Filed on November 12, 2020
Income Statement
| Concept | 2020 Q3 |
|---|---|
| Revenue | $3.572M |
| YoY Change | |
| Cost Of Revenue | $6.119M |
| YoY Change | |
| Gross Profit | -$2.547M |
| YoY Change | |
| Gross Profit Margin | -71.3% |
| Selling, General & Admin | |
| YoY Change | |
| % of Gross Profit | |
| Research & Development | |
| YoY Change | |
| % of Gross Profit | |
| Depreciation & Amortization | |
| YoY Change | |
| % of Gross Profit | |
| Operating Expenses | $10.47M |
| YoY Change | |
| Operating Profit | -$13.02M |
| YoY Change | |
| Interest Expense | |
| YoY Change | |
| % of Operating Profit | |
| Other Income/Expense, Net | $5.541M |
| YoY Change | |
| Pretax Income | -$1.400K |
| YoY Change | |
| Income Tax | |
| % Of Pretax Income | |
| Net Earnings | -$7.476M |
| YoY Change | |
| Net Earnings / Revenue | -209.29% |
| Basic Earnings Per Share | |
| Diluted Earnings Per Share | -$48.70 |
| COMMON SHARES | |
| Basic Shares Outstanding | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q3 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $209.8K |
| YoY Change | |
| Cash & Equivalents | $0.00 |
| Short-Term Investments | |
| Other Short-Term Assets | |
| YoY Change | |
| Inventory | |
| Prepaid Expenses | |
| Receivables | |
| Other Receivables | |
| Total Short-Term Assets | $209.8K |
| YoY Change | |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | |
| YoY Change | |
| Goodwill | |
| YoY Change | |
| Intangibles | |
| YoY Change | |
| Long-Term Investments | |
| YoY Change | |
| Other Assets | $505.5K |
| YoY Change | |
| Total Long-Term Assets | $505.5K |
| YoY Change | |
| TOTAL ASSETS | |
| Total Short-Term Assets | $209.8K |
| Total Long-Term Assets | $505.5K |
| Total Assets | $715.3K |
| YoY Change | |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | |
| YoY Change | |
| Accrued Expenses | $1.000K |
| YoY Change | |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $252.3K |
| YoY Change | |
| Long-Term Debt Due | |
| YoY Change | |
| Total Short-Term Liabilities | $691.7K |
| YoY Change | |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $0.00 |
| YoY Change | |
| Other Long-Term Liabilities | |
| YoY Change | |
| Total Long-Term Liabilities | $0.00 |
| YoY Change | |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $691.7K |
| Total Long-Term Liabilities | $0.00 |
| Total Liabilities | $691.7K |
| YoY Change | |
| SHAREHOLDERS EQUITY | |
| Retained Earnings | -$1.401K |
| YoY Change | |
| Common Stock | |
| YoY Change | |
| Preferred Stock | |
| YoY Change | |
| Treasury Stock (at cost) | |
| YoY Change | |
| Treasury Stock Shares | |
| Shareholders Equity | $104.8M |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $715.3K |
| YoY Change |
Cashflow Statement
| Concept | 2020 Q3 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | -$7.476M |
| YoY Change | |
| Depreciation, Depletion And Amortization | |
| YoY Change | |
| Cash From Operating Activities | $1.00 |
| YoY Change | |
| INVESTING ACTIVITIES | |
| Capital Expenditures | |
| YoY Change | |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | |
| YoY Change | |
| Cash From Investing Activities | |
| YoY Change | |
| FINANCING ACTIVITIES | |
| Cash Dividend Paid | |
| YoY Change | |
| Common Stock Issuance & Retirement, Net | $25.00K |
| YoY Change | |
| Debt Paid & Issued, Net | |
| YoY Change | |
| Cash From Financing Activities | 209.7K |
| YoY Change | |
| NET CHANGE | |
| Cash From Operating Activities | 1.000 |
| Cash From Investing Activities | |
| Cash From Financing Activities | 209.7K |
| Net Change In Cash | 209.7K |
| YoY Change | |
| FREE CASH FLOW | |
| Cash From Operating Activities | $1.00 |
| Capital Expenditures | |
| Free Cash Flow | |
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Accounts Payable Underwriters Promoters And Employees Other Than Salaries And Wages Current
AccountsPayableUnderwritersPromotersAndEmployeesOtherThanSalariesAndWagesCurrent
|
438406 | |
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Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
|
2279 | |
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Accrued Liabilities Current
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|
1000 | |
| CY2020Q3 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
24425 | |
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Assets
Assets
|
715284 | |
| CY2020Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
1401 | |
| CY2020Q3 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
64854 | |
| CY2020Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2020Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
| CY2020Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
209745 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
209745 | |
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Cash
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|
209745 | |
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Cash Equivalents At Carrying Value
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|
0 | |
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Commitments And Contingencies
CommitmentsAndContingencies
|
||
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Net Income Loss
NetIncomeLoss
|
-1401 | |
| CY2020Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
209744 | |
| CY2020Q3 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
250000 | |
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Entity Shell Company
EntityShellCompany
|
true | ||
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Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
25000 | |
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Concentration of Credit Risk</div><div style="text-align: justify;"><br /></div><div style="text-align: justify; text-indent: 18pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</div></div> | ||
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Deferred Offering Costs
DeferredOfferingCosts
|
505539 | |
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Earnings Per Share Basic And Diluted
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|
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|
1000 | |
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Liabilities And Stockholders Equity
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|
715284 | |
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Liabilities
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|
691685 | |
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Nature Of Operations
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="font-weight: bold;">NOTE 1. </font>DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</div><div style="text-align: justify; margin-right: 18pt;"><br /></div><div style="text-align: justify; text-indent: 18pt;">Climate Change Crisis Real Impact I Acquisition Corporation (the “Company”) was incorporated in Delaware on August 4, 2020. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">As of September 30, 2020, the Company had not commenced any operations. All activity for the period from August 4, 2020 (inception) through September 30, 2020 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.</div><div><br /></div><div style="text-indent: 18pt;">The registration statement for the Company’s Initial Public Offering was declared effective on September 29, 2020 and the Company signed an agreement with a syndicate of underwriters to issue 23,000,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000 which is described in Note 3.  On October 2, 2020 the Company completed the Initial Public Offering.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Simultaneously with the closing of the Initial Public Offering, the Company completed the sale of 6,600,000 warrants (the “Private Placement Warrants”) at $1.00 per Private Placement Warrant in a private placement to Climate Change Crisis Real Impact I Acquisition Holdings, LLC (the “Sponsor”), generating gross proceeds of $6,600,000, which is described in Note 4.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Transaction costs amounted to $13,161,756 consisting of $4,204,000 in cash underwriting fees, $8,050,000 of deferred underwriting fees and $907,756 of other offering costs.</div><div><br /></div><div style="text-indent: 18pt;">Following the closing of the Initial Public Offering on October 2, 2020, an amount of $230,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States. The funds in the Trust Account will be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below, except that interest earned on the Trust Account can be released to the Company to pay its tax obligations (less $100,000 of interest to pay dissolution expenses).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Substantially all of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants are intended to be applied generally toward consummating a Business Combination, and the Company’s management has broad discretion to identify targets for such a potential Business Combination and over the specific application of the funds held in the Trust Account if and when such funds are properly released from the Trust Account. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the Company’s signing a definitive agreement in connection with its initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient for it not to be required to register as an investment company under the Investment Company Act. In addition, we have agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of the PIMCO private funds (an affiliate of the Sponsor).</div><div><br /></div><div style="text-indent: 18pt;">The Company will provide the holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by applicable law or stock exchange rules and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange rules, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company will have until October 2, 2022, or such later date as a result of a stockholder vote to amend the Amended and Restated Certificate of Incorporation, to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (1) $10.00 per Public Share and (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</div></div> | ||
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1 | |
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Stockholders Equity
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10-Q | ||
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Proceeds From Issuance Of Common Stock
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Retained Earnings Accumulated Deficit
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Use of Estimates</div><div style="text-align: justify;"><br /></div><div style="text-align: justify; text-indent: 18pt;">The preparation of condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify; text-indent: 18pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</div></div> | ||
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2020-09-30 | ||
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Entity Registrant Name
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Climate Change Crisis Real Impact I Acquisition Corp | ||
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